the Currency of their intention to surrender their national charters and enter the State banking system, because of the opinion rendered by the attorneygeneral that they cannot lawfully avail themselves of the State guaranty law. This statement is not in accord with the facts. There are about 310 national banks in the State of Oklahoma. Only 57 entered into the guaranty scheme. On August 8, 1908, these 57 banks were notified that they must withdraw from the agreement, and so far replies have been received from 33 of them. Twenty-seven have informed the Comptroller that they have notified the State Banking Board of their desire to withdraw from the guaranty agreement. Seven have indicated their intention to surrender their national charters and reorganize as State banks, but two only have thus far actually gone into voluntary liquidation for that purpose. Replies have been received from 134 of the 253 banks that have not entered into the agreement. A majority of them state they had no intention of doing so, as they were not in sympathy with the movement. One national bank, recently chartered, states that its purpose in converting from a State bank to the national system was to escape the requirements of the guaranty law."

The organization of capital into corporations with the position of advantage which this gives it in a dispute with single laborers over wages, makes it absolutely necessary for labor to unite and maintain itself.-Hon. Wm. H. Taft, at Cooper Union, New York City.

If I am elected President, I shall urge upon Congress, with every hope of success, that a law be passed requiring a filing in a Federal office of a statement of the contributions received by committees and candidates in elections for members of Congress and in such other elections as are constitutionally within the control of Congress.-From Hon. Wm. H. Taft's speech accepting Presidential nomination.

There is a class of capitalists who look upon labor unions as per se vicious and a class of radical labor unionists who look upon capital as labor's natural enemy. I believe, however, that the great majority of each class are gradually becoming more conciliatory in their attitude, the one toward the other. Between them is a larger class, neither capital nor labor unionist, who are without prejudices, and I hope I am one of those.-Hon. Wm. H. Taft, at Cooper Union, New York City.

We are winning headship among the nations of the world because our people are able to keep their high average of individual citizenship and to show their mastery in the hard, complex, pushing life of the age. There will be fluctuations from time to time in our prosperity, but it will continue to grow just so long as we keep up this high average of individual citizenship and permit it to work out its own salvation under proper economic legislation.-President Roosevelt at Minneapolis, April 4, 1903.

The American people are studying these questions as never before. They prize their independence. They insist, and will forever insist, upon that liberty which is among the most precious of their possessions; but they realize more and more as the years go by that when liberty becomes license, when great power is misused, and great privileges are abused, they as individuals suffer, and the citizenship in which they glory is weakened and discredited.—Address of Secretary Cortelyou at the annual banquet of the Syracuse Chamber of Commerce, Syracuse, N. Y., Tuesday evening. April 21, 1908.

I have reviewed what have properly come to be known as President Roosevelt's policies. I have attempted to point out one or two instances in which I would qualify details of future policies which he has sketched, but with these minor exceptions as to method, I am glad to express my complete, thorough, and sincere sympathy with, and admiration for, the great conserving and conservative movement with which he has with wonderful success initiated and carried so far against bitter opposition, to remedy the evils of our prosperity and preserve to us the institutions we have inherited from our fathers.-Hon. Wm. H. Taft, at Columbus, Ohio.

Labor needs capital to secure the best production, while capital needs labor in producing anything. The share of each laborer in the joint product is affected not exactly, but in a general way, by the amount of capital in use as compared with the number of those who labor. The more capital in use the more work there is to do, and the more work there is to do the more laborers are needed. The greater the need for laborers the better their pay per man. Manifestly, it is in the direct interest of the laborer that capital shall increase faster than the number of those who work. Everything which legitimately tends to increase the accumulation of wealth and its use for production will give each laborer a larger share in the joint result of capital and labor.-Hon. Wm. H. Taft, at Cooper Union, New York

PRESIDENT ROOSEVELT.

Theodore Roosevelt: born in New York, October 27, 1858; elected to the New York legislature in 1881; delegate-at-large to the Republican National Convention in 1884; United States Civil Service Commissioner 1889-95; President of New York Police Board 1895-7; Assistant Secretary of the Navy 1897-8; Lieutenant-Colonel and Colonel of Rough Riders' regiment during the war with Spain; Governor of New York 1899-1900; was elected to the Vice-Presidency in 1900 and succeeded to the Presidency on death of President William McKinley, September 14, 1901.

He devoted the remainder of that presidential term to carrying out the policies of President McKinley, in Cuba, in the Philippines, in developing and strengthening the Monroe doctrine, in his dealings with the various aspects of the Venezuelan question, and in his official relations with the various American countries; gave prompt recognition to the infant republic of Panama, in which he was quickly followed by the principal nations of the world; inaugurated the Panama canal work; pnt in operation the new Department of Commerce and Labor; adjusted, through arbitration, the anthracite coal troubles when the strain between labor and capital was the greatest ever known in this country; and instituted through the AttorneyGeneral's office a rigorous enforcement of existing laws against discriminations and other unjust dealing by trusts and other great corporations of the country.

In November, 1904, Mr. Roosevelt was elected to the Presidency by the largest popular majority ever given in the history of the country. He carried every State north of Virginia and the Ohio River, and every State west of the Mississippi excepting Arkansas, Louisiana, and Texas. His triumph was fully expected, and it was accepted with content, if not with marked approval, in the States which had given their majorities to Judge Parker. Early on election evening Judge Parker sent the President the following telegram: "The people by their votes have emphatically approved your administration, and I congratulate you." At the same moment,—namely, on Tuesday evening, as the sweeping nature of the victory came to be known, President Roosevelt made a remarkable announcement, which appeared in the newspapers, Wednesday morning, along with the reports of the election:

I am deeply sensible of the honor done me by the American people in thus expressing their confidence in what I have done and have tried to do. I appreciate to the full the solemn responsibility this confidence imposes upon me, and I shall do all that in my power lies not to forfeit it. On the Fourth of March next I shall have served three and onehalf years, and this three and one-half years constitutes my first term. The wise custom which limits the President to two terms regards the substance and not the form. Under no circumstances will I be a candidate for or accept another nomination.

Mr. Roosevelt was not under any kind of pressure or obligation to make such a statement. He had been re-elected by the people of the country, without reliance upon the special aid of any individuals or interests, and he could have left the future. to shape itself. But he believed that he could do the work that lay before him more effectually if it were known that he was not unduly elated by his personal success, and that he meant to bring all his efforts to bear upon the performance of the duties of his office without diverting the smallest degree of energy toward the winning of support for still another term.

This statement made a profound effect upon the country. It is not often that a man of such decision and strength as Mr. Roosevelt can escape a change in the wind of popular favor. Yet, if Mr. Roosevelt had not made it clear that he would hold firmly to his announcement of November, 1904, the Republican party would have renominated him by acclamation and he would not only have carried all the States that gave their majorities for

him in 1904, but he would also probably have carried several others. Since Mr. Roosevelt was firm in his decision, in spite of much pressure brought to bear upon him, it was highly fortunate that his personal judgment concurred with that of the great majority of the party in believing that the Hon. William H. Taft, Secretary of War, was the man best suited under all existing circumstances and conditions to receive the nomination. At no point in his brilliant career have the moral strength and political integrity of Theodore Roosevelt been clearer to the country and to the world than in the part he took in helping the party to carry out what was its own best judgment in choosing Mr. Taft with the hearty acceptance of every Republican factor and element.

Mr. Roosevelt's administration has been so replete with valuable achievements that a mere recapitulation of them would fill many pages. At no time in our history have our relations with foreign countries been so friendly, and at no time has our position as an influence for good in the affairs of the world been so solid and unquestioned as in this period of Mr. Roosevelt's administration. There is not a European power, great or small, with which our government is not upon terms of good understanding. With none of the great powers is there any question pending that occasions friction.

Our relations to our own continent have been vastly improved. Outstanding questions between this country and the Dominion of Canada are all either cleared up or in the way of settlement through friendly negotiations. Mr. Roosevelt and his distinguished Secretary of State, Mr. Root, have almost completely changed the attitude of South America toward our government. having convinced the leading republics of the South of our friendliness and good will.

To have been instrumental in calling the second Hague Conference belongs to the credit of President Roosevelt, and this work for the promotion of peace was attended with the negotiation of numerous special arbitration treaties with foreign countries; by practical steps which secured neutrality for China in the Russo-Japanese War; and, finally, by the masterly statesmanship which secured an ending of hostilities in the Far East and the assembling on American soil of the representatives of Russia and Japan to fix upon terms of peace.

The successive stages in the organization of government and of engineering work at Panama have been of lasting credit to Mr. Roosevelt and his administration. What was the most unwholesome has now become perhaps the healthiest spot in the whole tropical world through enlightened sanitary work. Enormous progress has been made in digging the Panama Canal, with an efficiency on the part of government officers that fully equals that recently shown by great American railroad and industrial corporations in their own improvement. One important step in bringing this about was the President's own personal visit to Panama in November, 1906.

Mr. Roosevelt has served in the Presidency during a period of inevitable readjustment following the astounding material progress of the country. Different kinds of industries were coming under the control of great unified corporations, popularly known as trusts. Railroads were being reorganized and amalgamated in large systems. It became necessary for the welfare of the public to bring these large aggregations of capital under the reasonable authority of law and government. No President of firm character and statesmanlike understanding could have avoided the serious duties and responsibilities which this condition in the country had created. Mr. Roosevelt's attitude toward questions of this character was that of a firm executive rather than of an aggressive innovator.

It was the judgment of fair-minded and wise men that the practice of rebating and the granting of various forms of special favor by railroads to large corporations and shippers could no longer be tolerated. The fact that such practices have been almost entirely broken up will stand to the credit of President Roosevelt's administration. The public and the railroads alike are benefited. The small industries are now secure in their rights as against their large competitors. This process of bring

ing even-handed justice to bear upon the economic life of the country is not yet complete, but the main lines are laid down upon which to proceed. President Roosevelt has again and again declared in favor of such modifications of existing laws as would make is easier to break up methods that are injurious, while placing no obstacles in the way of lawful and beneficial enterprise. The creation of the new Department of Commerce and Labor with its various activities has proved itself a measure of constructive statesmanship that will also stand to the credit of President Roosevelt's administration.

No President has ever worked more intelligently and constantly at the business of his high office than President Roosevelt, and yet he has managed to travel and observe conditions in all parts of the country. Within the first year of his second term it could be said that since entering upon the duties of the Presidency he had visited and spoken in every State and Territory of the Union. His trips to different parts of the country have been taken in such a way as to add to his already extensive knowledge of resources and conditions. No other man among his fellow citizens is so well informed as he about all sorts of things in all parts of the country. This broad knowledge has been of inestimable value in the carrying on of the work of various departments and bureaus. The great reclamation work carried on under government engineers has flourished largely by reason of Mr. Roosevelt's personal knowledge and interest. like statement might be made regarding various reforms in the public land service. The work of the forestry bureau under his fostering care and wise enthusiasm has grown to such proportions as to give reassurance for the future, where otherwise the outlook for destruction of all our forests was very grave. The taking in hand by the government of the improvement of the country's interior waterways is another policy with which Mr. Roosevelt is to be credited as the foremost leader. At no time has he stood before the whole country in a more patriotic and creditable way than in his conduct of the great conference of Governors and various experts in the spring of 1908 at the White House to consider the proper care of the country's natural

resources.

A

In all matters relating to the army and navy President Roosevelt is a high authority, and he has placed the country's defenses in a position that has enhanced the respect in which our government is held everywhere without arousing any antagonism or jealousy among the nations. In the remission of the Chinese indemnity, granted by Congress on his recommendation, another evidence has been given of our good will towards the great Celestial Empire. In the negotiations with Japan regarding attacks upon Japanese citizens in our Western States and the desirability of limiting Japanese immigration, President Roosevelt and Mr. Root have allayed ruffled feeling and made peace a permanent fact. The great naval expedition around the world as determined upon and executed by Mr. Roosevelt against much bitter criticisms has justified his highest expectations and made friends everywhere for the government and people of the United

cates.

Our diplomatic and consular services abroad have been improved in the most signal way under President Roosevelt, and our representatives in official life in Porto Rico, Cuba, the Philippines, and elsewhere have been so fortunately selected as to reflect much credit and no scandal upon the administration at home. Never before have the various scientific services of the United States Government been so expertly and efficiently carried on.

Thus, to sum up, Mr. Roosevelt as President has added to our strength in improved relations with all European powers; has made the Monroe Doctrine respected everywhere and brought about the most fortunate relations with South America; has managed our insular dependencies so well as to have made socalled "imperialism" no longer an issue; has made it popular throughout the country to put talent, honesty, and zeal at the service of State and nation; has set a fine example of vigor and character before all our young men. When Mr. Roosevelt's term ends and he retires from office next March it will be as our only living ex-President and as our foremost citizen, with

undiminished capacity for public usefulness and a demonstrated patriotism beyond the promptings of personal ambition.

Much of President Roosevelt's work and that of his administration is outlined in the chapters on the work of the Departments.

Some Important Incidents in Administration of President Roosevelt.

Abrogation of the Clayton-Bulwer Treaty.

Prompt recognition of the Panama Republic.
Inauguration of work on the Panama Canal.
Reciprocity treaty with Cuba.

Mediation in the Venezuelan dispute with Germany and England.

Mediation in San Domingo.

Mediation in the Russo-Japanese war.

Mediation in the Central American hostilities.

Mediation in the coal strike in the United States.

Intervention in and temporary occupation of Cuba.
Call of Peace Conference at The Hague.

Investigation of packing houses and strengthening of pure food laws.

Postoffice department investigations.

Enforcement of laws with reference to Interstate carriers. Settlement of the Alaskan boundary dispute.

Establishment of the Irrigation and Reclamation Service, and extension of forest reserves.

Defense against injurious importations is as necessary and justifiable as is an army and navy.-Hon. B. F. Jones.

Changes in tariff schedules can with safety be made only by those whose devotion to the principle of protection is beyond question.-From President Roosevelt's speech of accept

ance.

We cannot help labor by reducing the value of the money in which labor is paid.-Hon. Wm. McKinley to delegation of workingmen, August 24, 1896.

The business world-that is, the entire American worldcan not afford, if it has any regard for its own welfare, even to consider the advisability of abandoning the present [protection] system.-President Roosevelt at Minneapolis, April 4, 1903.

We can as little afford to tolerate a dishonest man in the public service as a coward in the army. The murderer takes a single life; the corruptionist in public life, whether he be bribe giver or bribe taker, strikes at the heart of the commonwealth.-President Roosevelt's speech at Sherman statue unveiling, Oct. 15, 1903.

It is always safe to array yourself on the side of your country; it is always safe to stand against lawlessness and. repudiation.-Maj. McKinley at Canton, Sept. 23, 1896.

We have lower interest and higher wages, more money and fewer mortgages.-President McKinley.

While this is a big country, it is not now, and may it never be, big enough knowingly to admit into the ranks of its citizenship any avowed disorganizer of government or any avowed scoffer at our republican institutions. But our hands are outstretched to those who come to us with worthy purpose.-Postmaster-General Cortelyou.

The only antitrust law on the Federal Statute books bears the name of a Republican Senator. The law creating an Interstate Commerce Commission bears the name of another Republican Senator and all the law is being enforced by a Republican President.-Hon. E. L. Hamilton, in Congress, April 14, 1904.

We do well to give the sanction of the Federal law to the principle of arbitration. We should encourage a spirit of concord and mutual respect between employer and employee, between the common carriers of interstate commerce their employees.-Hon. C. W. Fairbanks, in U. S. Senate, May 12, 1898.

and

One vital, dominating fact confronts the Democratic party which no oratory, which no eloquence, which no rhetoric can obscure: BRYAN'S NOMINATION MEANS TAFT'S ELECTION.-New York World.